Inland Empire Q3 Market Report: Activity Ticks Higher as Year-End Approaches
Highlights
- Apartment fundamentals did not change significantly in the Inland Empire during the third quarter. The vacancy rate inched higher and rents ticked up, but the market has been quite consistent throughout 2019. Deliveries should pick up in the fourth quarter, providing some modest supply-side pressure.
- Multifamily vacancy ended the third quarter at 3.4 percent; the rate is up 20 basis points year over year.
- Asking rents rose 0.9 percent in the third quarter, reaching $1,405 per month. During the past 12 months, asking rents have advanced 3.7 percent.
- Investment activity in apartment properties accelerated during the third quarter, and the sales continued into the fourth quarter. The median price in sales thus far in 2019 is approximately $229,000 per unit, and cap rates have averaged 4.9 percent.
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